feeling, page-16

re: dilution It's also not just a matter of selling down options to convert the others, but also a matter of the dilution factor after the options conversion. In fact, the more I think about it, the more I feel that something will be released prior to options expiry for the following reasons.

The current registry has 72mil options listed. If they are all converted (and given they are in the money, they should) then this will bring the total registry to 226mil CQT Shares.

At the current market cap of approx $73mil, that's 32c per share after dilution. So to maintain the current share price of 45c after conversion/dilution, the share price needs to be 66c per share prior to conversion. This equates to a market cap of $101mil (38% higher than current market cap).

I would assume that the directors do not want to see the price dwindle down to low 30's, and therefore expect something of significance to be relased in the coming weeks.

Any thoughts??

Cheers